In a CNBC interview on Monday, Peltz said he spoke with former Gillette employees who said they wouldn't have let online rivals Dollar Shave Club and Harry's gain as much of a foothold as P&G did.

Trian is seeking one seat (out of 12) - for Peltz - on P&G's board at the company's annual stockholders' meeting tentatively on the calendar for October. For the last two years, executives urged investors to be patient.

P&G said in a statement that it's maintained an active dialogue with Trian, but that it's sticking with its current strategy.

In reiterating its Hold rating on the shares, DB says PG "has missed a number of big industry changes over the last several years, notably share losses in USA men's shaving and China broadly, but we believe management is now more focused than ever to bring superior innovation to the market to drive share gains". But the focus is rally on P&G's cost cutting efforts, with Peltz arguing that the company failed to capitalize on its cost-cutting efforts over the past five years. That said, while having absolutely intimate knowledge of the operating structure, financials and culture of P&G, Mr. Daley taking on the role of change agent would be a clear divergence from his past tenure.

Weak Total Shareholder Returns.

This is also not the first time Procter & Gamble has faced activist pressure: The billionaire William A. Ackman pushed the board to oust chief executive Robert A. McDonald in 2013, forcing Mr. McDonald's predecessor, Alan G. Lafley, out of retirement and back as chief. Trian, whose plans were reported earlier by the Wall Street Journal, said Monday it still hopes it can avoid a proxy fight.

The company has a market value of roughly $222.7 billion, based on the number of outstanding shares as of late March.